Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented its first offshore carbon capture, utilization, and storage (CCUS) project at the Enping 15-1 oil field, achieving a milestone of over 100 million cubic meters of carbon dioxide (CO2) stored, equivalent to the carbon offset of planting 2.2 million trees, showcasing the maturity of China's offshore CO2 storage technology and capabilities [6][9][15] Group 1: Project Overview - The Enping 15-1 oil field is China's first high CO2 content oil field located in the South China Sea, where CO2 is typically released during oil extraction, contributing to environmental concerns [7][8] - The CCUS project at Enping 15-1 was launched in May 2023, marking a significant step in China's efforts to accelerate offshore CO2 storage and utilization [8][12] - The project aims to achieve dual objectives: CO2 storage and enhanced oil recovery, with a projected CO2 injection of over 1 million tons and an increase in oil production by 200,000 tons over the next decade [9][15] Group 2: Technical Details - The CCUS process involves capturing CO2 from oil and gas production, purifying, compressing, and injecting it into geological formations for long-term storage [8][10] - The project utilizes a complete set of domestically developed equipment with a 100% localization rate, ensuring efficient operation and monitoring of CO2 injection [12][14] - Advanced technologies, including real-time monitoring systems and intelligent gas injection techniques, have been implemented to optimize CO2 injection and enhance oil recovery [12][11] Group 3: Industry Implications - The successful implementation of the Enping 15-1 project is expected to serve as a replicable model for green and low-carbon development in offshore oil and gas fields across China [9][12] - China's offshore CCUS industry is poised for growth, with significant potential for CO2 geological storage estimated at 25.8 billion tons, providing a robust foundation for large-scale applications [14][15] - CNOOC is also developing a comprehensive offshore CCUS industrial chain, including a major carbon capture and storage project in Guangdong, aimed at enhancing oil recovery and contributing to national carbon neutrality goals [15]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented the country's first offshore carbon dioxide (CO2) storage demonstration project at the Enping 15-1 oil field, achieving a cumulative CO2 storage of over 100 million cubic meters, equivalent to the carbon absorption of 2.2 million trees, indicating the maturity of China's offshore CO2 storage technology and capabilities [1][2][3]. Group 1: Project Overview - The Enping 15-1 oil field is the first high CO2 content oil field in the eastern South China Sea, where CO2 is typically released during conventional oil extraction, contributing to increased emissions and corrosion of offshore facilities [2][4]. - The project utilizes Carbon Capture, Utilization, and Storage (CCUS) technology, which involves capturing CO2 from emission sources, utilizing it as a resource, and storing it in geological formations to prevent atmospheric release [2][3]. - CNOOC's CCUS demonstration project is a key initiative under the "14th Five-Year Plan" aimed at energy conservation and carbon reduction, with over 10 domestic pioneering technologies developed over four years of research [2][3]. Group 2: Technical Implementation - The CO2 storage process involves two main steps: first, capturing and storing CO2, with an annual storage capacity exceeding 40 million cubic meters; second, upgrading to CO2 utilization, which enhances oil recovery by injecting supercritical CO2 into underground reservoirs [3][5]. - The project has been operational for over 15,000 hours, with peak injection rates reaching 210,000 cubic meters per day, demonstrating a successful model for green and low-carbon development in offshore oil fields [3][5]. Group 3: Equipment and Technology - CNOOC has developed a complete set of engineering equipment for CO2 capture and storage, achieving a 100% localization rate for the equipment used in the project [4][5]. - The project employs advanced technologies such as real-time monitoring systems and intelligent gas injection techniques to ensure precise control over CO2 injection and prevent leakage [6][7]. Group 4: Industry Implications - The project positions China as a leader in offshore CCUS technology, with significant potential for scaling up CO2 storage capabilities, estimated at 25.8 billion tons in China's offshore areas [8]. - CNOOC is also initiating a large-scale CCUS cluster project in Guangdong, aiming to capture CO2 emissions from various enterprises and store them in the Pearl River Estuary, thereby forming a competitive offshore CCUS industry chain [8][9].

Core Viewpoint - The ocean is becoming a significant force for stable growth and a new engine for economic development in China, with a focus on marine economic development and ecological protection during the "14th Five-Year Plan" period [2][3]. Economic Growth and Development - China's marine GDP surpassed 10 trillion yuan, reaching 10.5 trillion yuan, a 34% increase from the end of the "13th Five-Year Plan," accounting for 7.8% of the national GDP [1]. - The first self-operated ultra-deepwater gas field, "Deep Sea No. 1," has been fully operational since June 25, marking a key step in large-scale deep-sea oil and gas development [3]. - Marine oil and gas resources are expected to contribute over 70% of the domestic crude oil increment in 2024, with marine crude oil and natural gas production projected to grow by 4.7% and 8.7%, respectively [3]. Emerging Marine Industries - New emerging marine industries, such as marine engineering equipment, seawater desalination, marine medicine, and offshore wind power, are becoming new economic growth points [4]. - The market share of marine engineering equipment is expected to exceed 50% globally in 2024, with seawater desalination projects exceeding 2.9 million tons per day [4]. Technological Innovation - Technological innovation is identified as the primary driving force for marine economic development during the "14th Five-Year Plan" [6]. - The establishment of the national marine comprehensive test site in Hainan aims to support deep-sea scientific research and technological innovation [5]. - The marine technology innovation index is projected to reach 135.2 in 2024, reflecting a 2.6% increase from the previous year [7]. Environmental Protection and Sustainable Development - High-level protection is essential for sustainable marine economic development, with significant efforts made in coastal restoration and marine ecological system improvement [9]. - China has signed blue economy cooperation agreements with over 50 countries, promoting practical cooperation projects that contribute to local poverty alleviation [9]. Future Outlook - The marine economy is expected to continue growing, with a focus on cultivating new productive forces and building a modern marine industry system [10]. - The total import and export volume of marine transportation is projected to grow by 1.9% in 2024, with trade with countries along the "Belt and Road" increasing by 6.3% [10].

Core Insights - The ocean economy is becoming a significant driver for growth and a new engine for economic development in China, with the marine production value surpassing 10 trillion yuan during the 14th Five-Year Plan period, reaching 10.5 trillion yuan, a 34% increase from the end of the 13th Five-Year Plan, accounting for 7.8% of the GDP [1][2] Economic Growth Points - The launch of the "Deep Sea No. 1" Phase II, China's first self-operated ultra-deepwater gas field, marks a critical step in large-scale development of deep-sea oil and gas resources, contributing to national energy security and regional economic development [3] - Marine oil and gas resources are projected to account for over 70% of the domestic crude oil increment in 2024, with marine crude oil and natural gas production expected to grow by 4.7% and 8.7% respectively [3] - The marine industry is thriving, with China becoming one of the countries with the most complete marine industry categories, leading the world in marine product output for 36 consecutive years [4] Emerging Marine Industries - New emerging marine industries, such as marine engineering equipment, seawater desalination, marine medicine, and marine energy, are becoming new economic growth points, with the marine engineering equipment market expected to capture over 50% of the global market share in 2024 [4] - The scale of seawater desalination projects has exceeded 2.9 million tons per day, and China has made significant advancements in marine drug development, with domestically developed marine drugs accounting for 28% of globally listed varieties [4] Innovation as a Driving Force - Technological innovation is identified as the primary driving force for the development of the marine economy during the 14th Five-Year Plan, with significant investments in deep-sea exploration and marine energy development [5][6] - The establishment of the national marine comprehensive test site in Hainan aims to support deep-sea scientific research and technological innovation [5] Environmental Protection and Development - High-level protection of marine ecosystems is essential for sustainable economic development, with significant efforts made in coastal restoration and marine ecological protection [9] - The blue economy is emerging as a new area for cooperation, with China signing blue economy cooperation agreements with over 50 countries and international organizations [9] Future Outlook - The marine economy is expected to continue its growth trajectory, with an open level index projected to reach 128.7 in 2024, reflecting a 3.0% increase from the previous year [10] - The total import and export volume of marine transportation is anticipated to grow by 1.9% in 2024, with trade with countries along the Belt and Road Initiative increasing by 6.3% [10]

Core Insights - China's Bohai Oilfield has established the most densely packed underwater pipeline network in the country, with over 3,200 kilometers of underwater oil and gas pipelines, contributing to a total length of over 10,000 kilometers, ranking among the top in the world [1][2] Group 1: Underwater Pipeline Network - The underwater pipeline is referred to as the "lifeline" of the marine oil and gas production system, connecting internal facilities of oil and gas fields and ensuring stable transportation of resources to land terminals, forming a complete production chain from "subsea wellhead - underwater pipeline - land terminal" [1] - The construction of underwater pipelines has seen significant advancements, with China National Offshore Oil Corporation (CNOOC) enhancing original technology and accelerating deepwater oil and gas exploration and development [1] Group 2: Technological Advancements - CNOOC has achieved comprehensive upgrades in pipeline laying capabilities, covering a full range of specifications from 2 inches to 48 inches, including single-layer, double-layer, composite, and mother-son pipe types, with technology and equipment capabilities reaching international advanced levels [1] - The evolution of vessel equipment, from first-generation shallow water S-lay pipelaying vessels to second-generation deepwater vessels, has driven the independent and comprehensive upgrade of China's underwater pipeline construction [2] Group 3: International Contributions - CNOOC is actively contributing to energy development in countries and regions along the "Belt and Road" initiative, having undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, with a cumulative laying of over 500 kilometers of underwater oil and gas pipelines [2]

Core Insights - The "Fendouzhe" manned submersible has discovered a vast "life oasis" extending 2,500 kilometers in the Pacific Ocean at a depth of 9,533 meters, marking significant advancements in deep-sea exploration and utilization for China [3][6] - During the 14th Five-Year Plan, China is transitioning from "understanding the deep sea" to "utilizing the deep sea," contributing to the nation's goal of becoming a maritime power [3][6] Group 1: Deep Sea Exploration - The "Liuhua Oilfield," China's first self-operated deep-water oilfield, has achieved record high oil and gas production, contributing over 38 million tons of crude oil, accounting for 95% of the country's deep-water crude oil output [5][6] - Over the past five years, China's offshore crude oil production has increased to 58.61 million tons, with an increase of over 16 million tons from offshore sources, representing more than 70% of the total increase in national crude oil production [8] Group 2: Technological Advancements - New deep-sea equipment has been developed, including the first underwater robot with a seven-function mechanical arm, enhancing the capabilities for intelligent deep-sea operations [13] - The "Ocean Oil 720," Asia's first large deep-water exploration vessel, is conducting three-dimensional mapping of seabed structures, indicating a shift in deep-sea from merely a resource repository to a new frontier for technological breakthroughs and green development [15] Group 3: Deep Earth Exploration - China's deep drilling technology has advanced significantly, reducing the time taken to reach depths of over 10,000 meters from 15 years to just 3 years [17] - The successful drilling of the "Deep Earth Takou 1" well to a depth of 10,910 meters marks a historic achievement, finding traces of oil and gas at unprecedented depths [23] - The drilling process faced challenges, including a stuck drill situation that required multiple adjustments and efforts to resolve [24]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the total length of China's subsea oil and gas pipelines has successfully surpassed 10,000 kilometers, positioning the country among the global leaders in this field, marking a significant achievement after 40 years of technological advancements and engineering practices [1] Group 1: Technological Advancements - The subsea pipeline serves as a "lifeline" for offshore oil and gas production systems, connecting various facilities within oil and gas fields and ensuring stable transportation of resources to land terminals [1] - CNOOC has overcome technical challenges related to long-distance multiphase transportation of heavy and high-viscosity oil, as well as the design and installation of subsea pipelines in harsh sea conditions and complex terrains [1] Group 2: Project Achievements - Since the beginning of the 14th Five-Year Plan, CNOOC has enhanced its pipeline laying capabilities, completing over 1,500 kilometers of subsea pipeline installations, with the maximum operational water depth reaching 1,500 meters [1] - The total length of China's subsea oil and gas pipelines is equivalent to nearly twice the straight-line distance from the southernmost to the northernmost points of the country, with specifications ranging from 2 inches to 48 inches, covering single-layer, double-layer, and composite pipelines [1] Group 3: International Expansion - In recent years, CNOOC has undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, laying more than 500 kilometers of subsea pipelines, achieving records for the largest pipeline sizes globally and single-layer installations [1] Group 4: Future Plans - CNOOC plans to continue enhancing its core technological capabilities in subsea pipeline engineering, improve operational equipment series, promote the application of domestically produced equipment, and accelerate the transition to intelligent and digital operations [1]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the total length of China's subsea oil and gas pipelines has surpassed 10,000 kilometers, positioning the country among the leaders globally in this field, marking a significant technological advancement after 40 years of development [1][3] Group 1: Technological Advancements - CNOOC has successfully overcome technical challenges related to long-distance multiphase transportation of heavy and high-viscosity oil, as well as the design and installation of subsea pipelines in harsh marine conditions and complex terrains [3] - The company has established a complete technical system for subsea pipeline engineering, encompassing design, construction, installation, emergency response, and maintenance, fostering a highly autonomous industrial chain [3] - Since the 14th Five-Year Plan, CNOOC has enhanced its pipe-laying capabilities, laying over 1,500 kilometers of subsea pipelines, with the maximum operational water depth reaching 1,542 meters, marking a historic transition from shallow to ultra-deep water [3] Group 2: Global Engagement - CNOOC has undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, laying more than 500 kilometers of subsea pipelines, setting multiple industry records for the largest pipe sizes and heaviest single pipes [4] - The company aims to deepen its core technical capabilities in subsea pipeline engineering, improve operational equipment, promote domestic equipment applications, and accelerate the transition to intelligent and digital operations [5]

Core Points - China National Offshore Oil Corporation (CNOOC) announced that the total length of China's underwater oil and gas pipelines has successfully surpassed 10,000 kilometers, positioning the country among the world's leaders in this field, marking a significant milestone in enhancing national energy security and resource development [1][3] Group 1 - The underwater pipeline technology and equipment capabilities in China have achieved a comprehensive leap after 40 years of technological research and engineering practice [1][3] - The successful development of long-distance multiphase transportation of heavy oil and high-viscosity oil, as well as the design and installation of underwater pipelines in harsh sea conditions and complex terrains, demonstrates China's ability to independently construct underwater pipeline projects across all marine areas [3] - A complete technical system for underwater pipeline engineering has been established, encompassing design, construction, installation, emergency response, and maintenance, fostering a highly autonomous industrial chain [3]

Core Points - China's offshore oil and gas pipeline total length has successfully surpassed 10,000 kilometers, positioning the country among the world's leaders in this field, marking a significant milestone in the development of marine energy resources and enhancing national energy security [1][4] Group 1 - The achievement is the result of nearly 40 years of technological research and engineering practice, indicating a comprehensive leap in China's offshore oil and gas pipeline engineering technology and equipment capabilities [1][4] - The country has developed the ability to independently construct offshore pipeline projects across all marine areas in China, overcoming technical challenges such as long-distance multiphase transportation of heavy oil and high-viscosity oil, as well as design and installation under harsh sea conditions and complex topography [4] - A complete offshore pipeline engineering equipment technology system has been established, encompassing design, construction, installation, emergency response, and maintenance, fostering a highly autonomous industrial chain [4]